UzRCE exempts trading with yuan and ruble from commission until year end 

The Republican Currency Exchange (UzRCE) announced the extension of benefits for a number of trading operations on the site.

It is noted that the decision was made in accordance with the development strategy of the exchange for the medium and long term. Tariff optimization aims to activate the market, increase liquidity and create favorable conditions for bidders.

From August 1 to December 31, the commission for trading on RUB/UZS (Russian ruble - soum) and CNY/UZS (Chinese yuan - soum) pairs is reset to zero. There will also be no fees charged for interbank currency swap and interdealer repo transactions.

Prior to this, UzRCE canceled commissions on listed transactions for a period from December 1, 2021 to May 31, 2022. The site management took this step as part of a plan to introduce a flexible tariff policy.

In March, Uzbek banks noted a sharp increase in demand for cash rubles - the volume of purchases of Russian currency in banks significantly exceeded receipts from citizens. Experts explained this, among other things, by the desire of importers to pay for delivery of goods from Russia at the old prices.

Demand rose against the backdrop of a strong devaluation of the ruble, observed in late February - early March. Then Apelsin and several other banks temporarily suspended ruble operations (some of them were later resumed).

Then the exchange launched trading on the ruble-sum pair in a new mode (RUB/UZS_TOM). The first trading with the new instrument took place on March 24, and the volume of transactions on the day the trading began amounted to 80 million rubles or 9.5 billion soums.

In turn, the Moscow Exchange also announced plans to launch trading with the Uzbek soum. The site promised to launch test operations with it on June 27.